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Which of the following best explains why minimizing costs is a rational way to make decisions?

  • Question 15b of 25 - Cost-benefit analysis

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best explains why minimizing costs is a rational way to make decisions?
  • Answers:
  1. Paying a cost means doing without something good or accepting something bad.
  2. The maximum benefit can only be obtained by paying the lowest cost possible.
  3. People calculate costs differently from each other.
  4. All costs lead to benefits that outweigh the costs.

The correct answer is: Paying a cost means doing without something good or accepting something bad. Costs are whatever people want to avoid.

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